DCU personal loan "pre-approved"

[marmaladepie]

Hi!

New member to DCU, membership info being snail mailed as we speak.

I applied online for a personal loan and got an automated msg stating that loan requests are taking longer to process due to volume.

At the bottom it showed:

"You have successfully qualified for a personal loan." along with the pre approved loan amount, rate & terms and max loan approved amount.

Has anyone encountered such message and know what it could mean?

Thanks a million.

[SouthJamaica]

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@marmaladepie wrote:

Hi!

New member to DCU, membership info being snail mailed as we speak.

I applied online for a personal loan and got an automated msg stating that loan requests are taking longer to process due to volume.

At the bottom it showed:

"You have successfully qualified for a personal loan." along with the pre approved loan amount, rate & terms and max loan approved amount.

Has anyone encountered such message and know what it could mean?

Thanks a million.

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If my recollection is correct you are actually approved for it and just need to accept it.

I do not recall if they do a hard pull anyway though.

[marmaladepie]

Just wanted to provide update. It was approved!

It was a SP for membership. HP the day after I applied for the loan.

I called about 1-2 days after applying to follow up on status and the rep confirmed that it was approved. When I asked about the amount vs max amount, and "why not make a round number." (Orig applied for 19k, max as 20k). He put me on hold and came back asking for 2 yrs tax returns. doh! He said once I uploaded the requested docs, to call them to let them know.

Uploaded the tax docs that night and called the next day. It was a long wait time so I requested a call back.

When someone did call back, she said I was approved. Just needed to sign edocs and the funds would be in my account.

Within mins of signing docs, funds were indeed there.

Fico scores in low 800s - high 700s depending on bureau.

20k at 6.49% for 60mo (I didn't sign up for checking to get .5% rate discount). I plan on paying this off before then, just wanted the longer term so that I wouldn't be locked in to a higher monthly payment.

[cashorcharge]

That's great.  Thanks for circling back with the details and Congratulations on your approval!

I haven't been with them very long but understand that similar to some other CU's, they publish offers in the "Loan Suite" section of their website quarterly...usually as a quarter begins.  

[marmaladepie]

You know, I think they wouldnt have asked for POI if I hadn't asked about rounding the loan amount up to an even number. ha!

I saw more offers in the loan suite before the personal loan was completed. Now it's just auto stuff.

[AllZero]

Congratulations on your approval! Sub double digit APR is an extra win.

[cashorcharge]

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@marmaladepie wrote:

You know, I think they wouldnt have asked for POI if I hadn't asked about rounding the loan amount up to an even number. ha!

I saw more offers in the loan suite before the personal loan was completed. Now it's just auto stuff.

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Also good to know...Thanks.  

[marmaladepie]

I forgot mention that I had also done a SP check my rate with Penfed they came back with 9.99% for 60 mo.

Which made me turn to DCU instead.